Yuan strengthens to 6.9123 against USD Friday

0 Comment(s)Print E-mail Xinhua, March 10, 2017
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The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 2 basis points to 6.9123 against the U.S. dollar Friday, according to the China Foreign Exchange Trade System.

The Chinese government reiterated that sound fundamentals and positive changes in China's economy would continue to keep the yuan basically stable at a reasonable and balanced level.

China's manufacturing sector expanded for the seventh month in a row in February, evidence that the economy is stabilizing amid an uncertain global outlook.

Thursday's data showed that China's producer price index (PPI), which measures costs of goods at the factory gate, rose 7.8 percent year on year in February, increasing from 6.9 percent in January.

"A higher PPI signifies recovering investment and export demand, and notable improvement in industrial profitability, including the profit margin of mid to downstream industries," Beijing-based investment bank CICC said in a research note.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

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